New agreement with Nyrstar to improve Talvivaara's

New Post Public Reply Private Reply Replies (0) Message Board

News Desk 2018

Apr 1, 2014 at 3:00 AM

New agreement with Nyrstar to improve Talvivaara's financial position

Stock Exchange Release Talvivaara Mining Company Plc 1 April 2014 New agreement with Nyrstar to improve Talvivaara's financial position Talvivaara Mining Company Plc ("Talvivaara" or the "Company"') announces that it and its operating subsidiary Talvivaara Sotkamo Ltd ("Talvivaara Sotkamo") have today entered into a loan and streaming holiday agreement ('the Agreement') with Nyrstar Sales and Marketing AG ("Nyrstar"). Nyrstar will make available to Talvivaara a loan facility up to a maximum amount of EUR 20 million. Nyrstar shall make the facility available in several tranches with the amount of each advance calculated with reference to a corresponding delivery by Talvivaara Sotkamo of zinc in concentrate under the zinc streaming agreement. Whilst the loan addresses Talvivaara's current financing needs and reduces the overall funding gap of the Company prior to reaching sustainable positive cash flow, the Agreement also demonstrates continued commitment by Nyrstar and Talvivaara to co-operation under the zinc streaming agreement. In the short term, the Agreement enables the continuation of the Company and Talvivaara Sotkamo's corporate reorganization and the process, whereby Talvivaara explores the options of identifying potential investor(s) to participate in a long-term, overall financial solution for the group. With the available funds, Talvivaara also continues to focus on improving its water balance situation and reaching the sustainability targets of its operations. Subject to Talvivaara securing the overall financial solution, the Company also has an option to enter into a streaming holiday for delivery volumes of up to 80,000 tonnes of zinc in concentrate. During the streaming holiday, Nyrstar commits, outside the framework of the original contract of February 2010, to purchase zinc concentrate from Talvivaara at market terms. In return, the value sharing mechanism of the original zinc streaming agreement will be amended to reduce on a pro rata basis such that, if the full holiday period is elected, the value sharing mechanism thereafter becomes nil. When applied, the value sharing mechanism allows Talvivaara to receive a cash consideration that is higher than the extraction and processing fee determined in the zinc streaming agreement. Nyrstar's obligation to extend financing under the loan facility will cease at the earlier of the aggregate amount outstanding including accrued interest exceeding EUR 20 million or the commencement of a streaming holiday. The zinc concentrate deliveries entitling Talvivaara to the full loan amount are estimated to be made during the remainder of 2014. Having entered into the Loan and Streaming Holiday Agreement, Talvivaara will immediately deliver Nyrstar approximately 10,000 tonnes of zinc in concentrate and receive the first loan advancement of approximately EUR 5 million. The Administrator to Talvivaara and Talvivaara Sotkamo's corporate reorganisation processes supports the Agreement. Enquiries Talvivaara Mining Company Plc Tel +358 20 7129 800 Pekka Perä, CEO Saila Miettinen-Lähde, Deputy CEO and CFO Pekka Jaatinen, Attorney-at-Law Castrén & Snellman Attorneys Ltd Tel. +358 20 7765 765 Talvivaara Mining Company Plc Talvivaara Mining Company is an internationally significant base metals producer with its primary focus on nickel and zinc using a technology known as bioheapleaching to extract metals out of ore. Bioheapleaching makes extraction of metals from low grade ore economically viable. The Talvivaara deposits comprise one of the largest known sulphide nickel resources in Europe. The ore body is estimated to support anticipated production for several decades. Talvivaara has secured a 10-year off-take agreement for 100 per cent of its main output of nickel and cobalt to Norilsk Nickel and entered into a long-term zinc streaming agreement with Nyrstar. Talvivaara is listed on the London Stock Exchange Main Market and NASDAQ OMX Helsinki. Further information can be found at www.talvivaara.com. [HUG#1773233]

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

DraftKings Faces Revenue Cutback; Legal Probe Begins

DraftKings' Surprising Turn of Fortune Talk about a gut punch! DraftKings (NASDAQ: DKNG) dropped a bombshell that had investors reeling. They decided to lop off a hefty slice of their revenue guidance, and trust me, those aren't small numbers we’re talking about. On November 6, they yanked their full-year 2026 revenue guidance down to $6.35 billion to $6.55 billion from...

Andersen's Window Revamp: Addressing Demand Surge

Portfolio Boost: Adapting to Market Needs If you're sniffing around the windows business, there's a fresh breeze of innovation blowing from Andersen. They're not just sitting around drumming their fingers—they're rolling up their sleeves and fine-tuning their offerings. With half of homeowners swinging a hammer on renovations last year, the company sees an opportunity...

Tenax Therapeutics Faces Legal Heat After Stock Plunge

Investors' Nerves Tested as Tenax Takes a Nosedive Holy smokes! When a biotech company like Tenax Therapeutics, Inc. (NASDAQ: TENX) detonates like a forgotten fireworks stash, investors have every right to get itchy. Tenax’s shocking announcement that their Phase 3 LEVEL trial for TNX-103 flopped has sparked more than just shareholder anxiety. It’s ignited a...

212NYC Gala Celebrates Ad Industry's Human Touch

The Advertising Gala with Heart When you toss nearly 300 advertising honchos into a room at Tribeca's Rooftop, you don't just get another bash; you get an industry checkpoint. This time, the 212NYC shindig on November 5, 2026, wasn't just about stroking egos. It was about spotlighting the soul in business, right when AI threatens to run wild with it. Navigating AI's...

Pete Crow-Armstrong Unveils Signature Baseball Gloves

The Windy City Meets the Diamond Alright, bear with me here. Monday morning vibes, right? But here's something that'll turn your breakfast around if you're into baseball—or just the latest scoop on players making waves in gear. Pete Crow-Armstrong, the Chicago Cubs center fielder who's been lighting up the field, has his name on some fresh gear. We're talking signature...

PAC Criticizes JD Vance's Billionaire Connections

Unveiling Vance's High-Powered Backers Brace yourself for a fresh round of political sparring, folks. The Patriots for American Principles PAC has decided that JD Vance's relationships with the billionaire elite need a little more sunshine. And they're not shy about it—Vance's billionaires will be paraded around the streets of Washington D.C. on a mobile billboard,...

Koppers Navigates Q3: Margins Squeeze Amid Growth

Investing in Koppers: A Mixed Bag in Q3 Well, it appears Koppers (NYSE: KOP) is doing a bit of a dance this quarter—some smooth steps, but a few stumbles in the rhythm when it comes to margins. The hardwood numbers tell an interesting tale, so let's break it down. Sales Edge Up, But Margins Suffer Koppers clocked in net sales of $499.1 million for the third quarter of...

Precision Biologics Unveils Promising Data on PB-223

Precision's Big Reveal at SITC 2026 When it comes to the shifting tides of oncology advancements, Precision Biologics is making some serious waves. They're not leaning back; they're diving right in with their latest showcase at the Society for Immunotherapy of Cancer (SITC) Annual Meeting, 2026. CEO Dr. Philip M. Arlen announced compelling preclinical data for their...

Everest Group Faces Class Action: Key Investor Moves

Everest Group's Legal Spiral: What's Happening? Folks, when a company feels like it's caught in an endless storm, investors better hold on tight. That's the situation Everest Group, Ltd. finds itself in, with an 11.4% stock dive that’s got investors reeling. Securities fraud allegations are rocking Everest like a hurricane, and The Law Offices of Frank R. Cruz have put...

OncoC4's Cesalatamig: Promising Results in NSCLC Trials

Hope in Persistence: Cesalatamig in the Spotlight Swinging through the medical landscape like a seasoned fighter, OncoC4's recent revelations at the SITC 2026 give investors and doctors a reason to pay close attention. We're sizing up their investigational drug, cesalatamig, which flaunts a solid objective response rate of 33% among non-small cell lung cancer (NSCLC)...